He said on the opening day of Global Investors’ Summit- “Magnetic Maharashtra: Convergence 2018” in Mumbai. Prime Minister Narendra Modi inaugurated the summit where Governor CV Rao, chief minister Devendra Fadnavis, civil aviation minister P A Gajapathi Raju, Union Transport Minister Nitin Gadkari was also present at the event. Also Read - BEST Buses to Resume Services From Monday | Here Are The New Rules

Maharashtra government has also relaxed its norms for Integrated Industrial Areas (IIAs). As per the decision, mandatory condition of having 40 hectares of land for setting up an IIA has been relaxed to 20 hectares. The land utilisation ratio of industry to residential area has been revised from 60:40 to 80:20, which means more land would be available for industry, an official statement said.

PM Modi also said that such kinds of events are being organised to attract investment in different areas.

This is Maharashtra’s first Global Investors Summit and is being regarded as one of the biggest such events, especially on the lines of the ‘Make In India’ initiative launched by the Prime Minister in 2016 in Mumbai.

At the Magnetic Maharashtra summit, around 150 global CEOs, Indian business tycoons and ambassadors and consul generals are expected to have been participated. The state government also hopes to sign a record 4,500 Memorandum of Understandings (MoUs) and investment intentions worth Rs 10 lakh crore.

The Summit and an exhibition is organised by the Maharashtra Industrial Development Corporation (MIDC), with Confederation of Indian Industry (CII) as the national partner and KPMG as the knowledge partner. Around 47 people from different sectors will be awarded for their meritorious performance. The list have been drawn from the state’s top exporters and companies in the Information Technology space.

Later, PM Modi will also inaugurate the Wadhwani Institute for Artificial Intelligence at the University of Mumbai.

Reliance Industries Chairman Mukesh Ambani on Sunday announced that his firm Reliance Industries Ltd (RIL) and its global partners will set up the country’s first integrated digital area in Maharashtra entailing investments of Rs 60,000 crore.

Ambani also said that Reliance along with other global companies will invest over Rs 60,000 crore in the next 10 years in Maharashtra, which will be the first integrated digital industrial area in the country.

Maharashtra government has also relaxed its norms for Integrated Industrial Areas (IIAs). As per the decision, mandatory condition of having 40 hectares of land for setting up an IIA has been relaxed to 20 hectares. The land utilisation ratio of industry to residential area has been revised from 60:40 to 80:20, which means more land would be available for industry, an official statement said.

PM Modi also said that such kinds of events are being organised to attract investment in different areas.

This is Maharashtra’s first Global Investors Summit and is being regarded as one of the biggest such events, especially on the lines of the ‘Make In India’ initiative launched by the Prime Minister in 2016 in Mumbai.

At the Magnetic Maharashtra summit, around 150 global CEOs, Indian business tycoons and ambassadors and consul generals are expected to have been participated. The state government also hopes to sign a record 4,500 Memorandum of Understandings (MoUs) and investment intentions worth Rs 10 lakh crore.

The Summit and an exhibition is organised by the Maharashtra Industrial Development Corporation (MIDC), with Confederation of Indian Industry (CII) as the national partner and KPMG as the knowledge partner. Around 47 people from different sectors will be awarded for their meritorious performance. The list have been drawn from the state’s top exporters and companies in the Information Technology space.

Later, PM Modi will also inaugurate the Wadhwani Institute for Artificial Intelligence at the University of Mumbai.